The results announced, so far, by English Railway Com- panies,
although pretty inuchin accordance with expectations, are far from encouraging, for, even where dividends have been maintained it has for the most part been a case of further heavy encroachment upon Reserves. To quote, for example, only a few instances, the Great Western Railway hai taken 2800,000 from Reserves, the Southern Railway £200,000, and the London Midland and Scottish £1,000,000. Nevertheless, I am inclined to think that the fall in English Railway stocks may have been overdone, though, of course, having regard to the extent to which the railway industry seems to be per- petually harassed by the Labour problem, the investor may not consider that the present yield of St per cent., for example, in.the case of the London Midland and Scottish and the 'Great Western Railways, is an adequate compensation for thes4 uncertainties.
A. W. K.
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